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JPMorgan to price 14% reverse exchangeables linked to GM
By Angela McDaniels
Tacoma, Wash., Feb. 11 - JPMorgan Chase & Co. plans to price 14% reverse exchangeable notes due Feb. 27, 2009 linked to the common stock of General Motors Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless GM stock falls by more than 50% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of GM shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
The notes will price on Feb. 26 and settle on Feb. 28.
J.P. Morgan Securities Inc. will be the agent.
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